IATA: industry "shrinking" by any measure
Yes, those are storm clouds, and no the airplane doesn't have a broken nose. It has bloody nose, and so does the entire industry it represents. Air cargo is sick, and so are airlines. International air cargo fell by 13.5% in November, its largest drop since the months just after 9/11, says the International Air Transport Association. Giovanni Bisignani, IATA's director general, calls the decline "shocking" and says the airline industry is now "shrinking by all measures."
Some folks forget that air cargo isn't just a FedEx/UPS thing, but is the way to fill bellies enough to keep planes profitable. For instance, Delta has said that some of its new routes will be nudged into the black because of air cargo, which tends to be very high-value type stuff such as computers or TV sets. Just the other day, Northwest said it wanted to put off a new route to Beijing from Seattle, joining a long list of delayers.
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